Spanish socimi Colonial plans the full acquisition of its rival Axiare
Spanish office buildings owner Colonial has now acquired an additional 13.3% from the Spanish socimi Axiare, after having purchased 15% of the company’s shares more than a year ago.
Colonial has also launched a takeover bid for Axiare to acquire the remaining 71.4%, valuing the company at €1.46bn and offering it €18.50 in cash per remaining share.
Colonial expects to close the operation during the first half of 2018, which “would consolidate Colonial as the leading European platform for the prime office market in Paris, Madrid and Barcelona”, the company said in a statement.
Colonial, whose portfolio is made up solely of office buildings, (75% prime and 97% occupied) will reach €10bn in asset value through the acquisition.
Colonial’s chairman Juan José Brugera said: “We recognize in Axiare an excellent track-record in value generation carried out by its management team, fully coinciding with the strategy and market focus that Colonial has maintained and is expected to maintain in the coming years. There are many synergies arising from this transaction, which predispose us to create a core product that addresses the growth on demand, maximising value return to our shareholders.”